Distraction channel: Evidence from EDGAR search volume.

This table shows the impact of institutional cross-blockholding on CSR through investor distraction measured by EDGAR search volume. Panel A shows the change of EDGAR search volume (ESV) after blockholder mergers. The ESV is calculated according to [50]. Total ESV, ESV Financial, ESV Non-financial denote the total EDGAR search volume, financial filings’ search volume, and non-financial filings’ search volume, respectively. Non-IRS ESV denotes the total search volume from non-robot viewers excluding IRS, where IRS search data come from [68]. Panel B reports the cross-sectional effects of cross-blockholding on CSR across the level of investor attention before blockholder mergers. A firm is assigned to the High (Low) group if the value of the attention measure is above (below) the median of the sample. A Wald test is implemented to test the difference of ATEs between the High and the Low groups. Firm and merger fixed effects are included in the models. Control variables are the same as those in the baseline regressions. Standard errors are clustered by firm. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Standard errors are shown in the parentheses.